May. 2, 2012 (China Knowledge) – Zhongsheng Dalian Group Co Ltd, a subsidiary of Zhongsheng Group<0881> one of the leading national automobile dealers in China, has announced its plan to issue RMB 400 million unsecured bills with a maturity of 365 days on the interbank market on May 9.
The company said in a statement that the bills will be issued at the face value, and the coupon rate will be determined in the process of bookbuilding.
Both value date and payment due date is set on May 11, and the to-be-issued bills are tradable on the next business day of debt registration day.
Proceeds from the issue will be used to purchase cars, said the issuer.
China Chengxin Credit Rating Co Ltd has rated the issuer and bills AA- and A-1, respectively.Shanghai
Pudong Development Bank<600000
> has been assigned as the lead underwriter and bookrunner.
This will be the issuer's first short-term bill this year, sources reported.